Calif. Voters Pass Business Tax For $550M Energy Funding

Law360, New York (November 7, 2012, 4:43 PM EST) -- A California measure requiring out-of-state companies to pay income taxes based on their sales in California passed with strong voter support for a move that would bring in additional annual revenue of $1 billion, with roughly half going toward energy-efficiency projects in the state.

California’s Proposition 39, pushed by Tom Steyer, the founder of investment management firm Farallon Capital Management LLC, passed with a more than 60 percent vote, in a move that would provide annual revenues of some $550 million for the next five years...